Oil demand in the US and Europe is declining and the stock piles are building but the demand in the middle east and china has been increasing.

http://www.arabtimesonline.com/NewsDetails/tabid/96/smid/414/ArticleID/177804/reftab/96/Default.aspx

It probably depends on China having a hard landing or not.

http://www.thejakartaglobe.com/afp/china-says-to-cut-bank-reserves-as-economy-falters/517570

Lower oil prices themselves will probably boost the economy as it will act like a tax cut.